President Barack Obama speaks during a campaign event at the Waldorf Astoria, Monday, June 4, 2012, in New York. (AP Photo/Carolyn Kaster) / AP

Written by

Connie Cass

Associated Press

WASHINGTON — To see where the presidential candidates stand on taxing the rich, just look at how they’d tax themselves. Under his proposal, Mitt Romney would pay half what he would under President Barack Obama’s tax plan. That could save almost $5 million a year.

For Obama, losing re-election could provide a tax windfall. He’d save as much as $90,000 a year if Romney’s plan were enacted .

Two nonprofit research groups, the liberal-leaning Citizens for Tax Justice and conservative-leaning Tax Foundation, did the calculations, based on tax returns released by the candidates. Compared with what they owed in April, both men would be dinged in 2013 under Obama’s proposal, along with other wealthy taxpayers. They could expect savings under Romney, depending on which tax breaks he decides to oppose.

Whether they go up or down, the candidates’ personal tax bills won’t make a dent in the nation’s trillion-dollar annual deficits, of course. But they illustrate a sticking point in the struggle to fix the nation’s finances: Just how much should affluent Americans pony up?

Democrats generally say the rich aren’t paying their fair share; most Republicans argue that raising taxes on the wealthy would slow investment that creates jobs. The dispute makes it tougher to tackle urgent budget issues, such as whether to extend the Bush-era tax cuts again before they expire Jan 1.

Obama’s plan would hit couples making more than $250,000 per year from several directions, raising their tax rate, dunning them more for investment income, and limiting their tax deductions. People like Romney with earnings from private equity management would lose a big tax break. And Obama would establish a rule, named after billionaire Warren Buffett, to ensure that households taking in more than $1 million a year pay at least 30 percent in taxes.

Romney wants to lower current tax rates by 20 percent. This benefits the wealthy most: Dropping the highest bracket from 35 percent to 28 percent, for example, yields a much bigger savings for those at the top than lowering the 15 percent bracket to 12 percent brings for taxpayers in that group.